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Motor finance companies need to be working now with vehicle retailers and technology providers to create uniformity across all channels through which their products are sold in line with new FCA regulations, says iVendi.
Trade-ins and value-added products (VAPs) are proving to be the biggest hurdles for dealers rapidly adopting online motor retail technology in the post-lockdown used car sector, iVendi is finding.
A new iVendi product provided free of charge to coronavirus crisis-hit vehicle retailers has been used to manage and negotiate more than £63m of car, van and motorcycle digital deals in the last 10 weeks.
More than half of iVendi’s 90 staff are being given the option to work remotely following the company’s positive experience with this approach in recent months.
There has been a 53% increase in the number of motor finance applications made online since just before lockdown, iVendi reports.
New technology is helping dealers re-engineer their processes and cope with reduced staffing levels as they restart sales, reports iVendi.
As dealers ease out of lockdown, we’re seeing a jump in demand for recently-introduced iVendi technology that allows car, van and motorcycle retailers to offer an online reserve-and-collect model.
One of the issues facing the many dealers adopting a click and collect model of trading as we emerge from lockdown is a very human one – how do you negotiate a deal with a potential car buyer entirely online?
Last week, we announced that our very latest product, TRANSACT, would be provided to all of our direct dealer customers free of charge until further notice – and it has now been made available and live for the vast majority of them.
We made the product the core of our lockdown offering to dealers because we thought it would be ideal for the current conditions that the industry faces. This feature explains why its many innovations are supremely suitable for this moment in time.